=====Course unit: Finance =====
==== Course metadata ====
  * Title in French: Finance
  * Course code: tba
  * ECTS credits: 3
  * Teaching hours: 72h
  * Type: advanced course
  * Language of instruction: English
  * Coordinator: tba
  * Instructor(s): Grégoire Hug (WeeFin), Bolanjinva Randrianarizafy (Natixis), Julien Belon (Arx Corporate Finance), Vincent Bonnamy (La Banque Postal Asset Management)
  * //Last update 24/03/2021 by C. Pouet//

==== Brief description ====
This course is taught by highly skilled professionals in finance.

This course unit is divided into three parts:
  * ** Portfolio management ** (24 hours) taught by Grégoire Hug.
  * ** Credit risk ** (24 hours) taught by Bolanjinva Randrianarizafy: this part is dedicated to credit risk and its role in banking regulation.
  * **Applied finance ** (24 hours) taught by Julien Belon and Vincent Bonnamy: this part is about the theoretical aspects of corporate and market finance applied in real life. 

==== Learning outcomes ====

  * Understand the similarities in the concepts of market and corporate finance
  * Understand how finance products can be used to manage risk
  * Know how to organize an investment process
  * Know how to evaluate and to value a company
  * Understand the definition, measurement and pricing of credit risk
  * Know how banks are regulated
  * Know the various jobs of finance


==== Course content ====


=== Portfolio management ===

  - Introduction to portfolio management
  - Equity Investing and investment process
  - Fixed Income Investing - basics
  - Fixed Income Investing - advanced
  - Alternative asset classes and Performance Measurement 
  - Asset management trends 
  - Project: Portfolio construction

=== Credit risk ====
  - Introduction: bonds and OTC transactions
  - Modeling defaults: structural models and ratings
  - Structured financing: plain-vanilla, asset financing, securitization etc.
  - Banking regulation on credit risk

=== Applied finance ===
  - Applied corporate finance – From startup to IPO… and LBO
    * Introduction / Presentation 
    * Application areas of 
    * Accounting Basic Methods
    *  Valuation methods
    *  We know how to value a company. Now what? Different types of operation
    *  Introduction to Fintech and start-up ecosystem
  - Applied market finance – Options: Pricing, Hedging & Risk Management
    *  Market finance: players and products
    * Future and forward: pricing & hedging
    * Options: replication and pricing
    * Sensitivity of options: the greeks
    * Volatility and stress tests

==== Bibliography ====
Check the availability of the books below at [[https://documentation.centrale-marseille.fr/|Centrale Marseille library]].
  - Portfolio management
    * Roland Portait, Patrice Poncet (2014). Market Finance.
    * Franck J. Fabozzi (2012). The Handbook of Fixed Income Securities.
  - Credit risk
    * Gourieroux C. and Tiomo, A. (2007) Risque de crédit : une approche avancée, Economica.
    * Merton R. (1998) Continuous time finance, Blackwell Publishers.
    * Bruyere R., Cont R., Fery L., Jaeck C. and Spitz T.  (2005). Credit derivatives, Wiley.
    * Roncalli T. (2016). Risk Management & Financial Regulation ([[http://thierry-roncalli.com|website]])
  - Applied finance
    * Vernimmen, P. (2021). Finance d’entreprise. Dalloz.
    * Hull, J. (2018). Options, Futures, and Other Derivatives, 10th Edition. Pearson